Before the outbreak of COVID-19, demand for watches in the Netherlands was increasing. Manufacturers and retailers profited from intense promotion of watches as a fashion accessory, and from encouraging consumers to purchase more varieties to complement different looks.
more expensive watches fared better the situation. Affluent Dutch consumers with more time and less spending in holidays focused to purchase luxury products in a way as a sort of path to manage their frustration.
Even before COVID-19, younger consumers were becoming used to purchasing personal accessories online. Thus, e-commerce saw rapid share growth in watches over the review period.
Despite the significant current value and volume declines experienced by watches during the COVID-19 pandemic, the category prospects will continue to improve from 2022 onwards. Whilst the fastest growth will be seen in 2021 due to retail channels reopening and tourism starting to resume, growth is anticipated to continue, albeit at a slowed rate throughout the forecast period as the economic environment improves.
During the COVID-19 pandemic, players were required to adopt new strategies to keep consumers engaged and manage the new operating conditions. Focusing on local customers, as opposed to tourists, was a common strategy followed by retailers in watches, given the strict travel restrictions.
Affordable luxury is set to remain a driving factor behind the growth in demand for luxury watches in the Netherlands. Most Dutch consumers aim to acquire quality watches made with expertise and tradition but are also conscious of the price of such items.
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This report originates from Passport, our Watches research and analysis database.
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